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Minutes, January 26-27, 1994 19 <br /> Board Member Danielson asked if the operator would join in the <br /> Board' s proceeding against Pitkin Iron, in order to recover <br /> for the loss of the value of the Board' s collateral, based on <br /> Pitkin Iron' s contamination of the property. Mr. Holden said <br /> that he was not knowledgeable about this issue and could not <br /> comment without discussing the matter with the operator. <br /> Ms . Linden asked if the operator would deliver the deed to the <br /> rock dust plant to the Board, rather than go through <br /> foreclosure. Mr. Holden said that he was not sure, but that <br /> the thought the operator had previously indicated that they <br /> would furnish the deed in lieu of foreclosure, but this would <br /> be subject to court approval . He said they had received <br /> offers for the purchase of the rock dust plant and that this <br /> information had been forwarded to the Division. <br /> In response to an inquiry- from the Board, Ms . Linden explained <br /> that the rock dust plant is considered a part of the estate <br /> and that a relief from the stay from the bankruptcy court <br /> would have to be obtained in order to sell it. She said that <br /> according to the current liquidation plan, the rock dust plant <br /> could be sold by either the operator or the Board. Mr. Holden <br /> said the operator would not sell the plant without the Board' s <br /> consent. <br /> Mr. Holden clarified that the plan they presented recently was <br /> a plan that would set a schedule for .completion of feclamatLdn <br /> at .the site. - Mr. Long explained that- the current reclamation <br /> plan would not change, but that dates for completion of <br /> certain aspects of site reclamation had passed and that the <br /> operator wanted to present another reclamation schedule. <br /> Mr. Long clarified that during the meeting held with the <br /> operator' s attorneys, he informed them of the Board' s desire <br /> of have a guarantee of the provision of the entire reclamation <br /> bond amount by a certain date, and that they did not want a <br /> reclamation trustee to be involved. Board.Memb4i�r-Cooley- said <br /> the Board wanted the operator to understand that Mr. Long and <br /> Ms . Linden speak for the Board, regarding these matters . <br /> Board Member Stewart said that because the property is <br /> underbonded, the Board wanted a guarantee in the form of <br /> funding for an interim bond for the work that needs to be <br /> completed this year and the provision for future funding. <br /> Mr. Holden said that the operator does not have the funds for <br /> reclamation. He said the operator wanted to create a process <br /> for the liquidation of assets, with a percentage of sales <br /> going to the Board for reclamation. <br />